The regulatory restructurings of the client-adviser relationship have not developed in a vacuum. The economic crisis of 2008, and ensuing recession, gave rise to a plethora of new financial services legislative initiatives around the world — and most common law countries, as well as the European Union, have now implemented a fiduciary standard for financial advisers and planners.

While many of the changes in the United Kingdom, Canada and Australia lack the political theater of the American experience, the imposition of a fiduciary standard has nevertheless been widely accepted as prudent consumer protection.

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